The Wall Street Journal reports on the Donald Trump’s Trump Organization and a partnership of Kushner Cos. and KABR Group of New Jersey plans for a 447-unit rental apartment building in Jersey City that will be named Trump Bay Street, according to people involved in the project.
Trump Bay Street will be next to Trump Plaza Residences, a 55-story condominium completed about six years ago by developer Dean Geibel, who had a licensing deal with Mr. Trump. Sales at that project started slow because of the financial crisis, but the building eventually sold out.
The Trump Bay site went through a series of owners during the recession before being purchased by the Kushner and KABR partnership. Kushner was encouraged to use the Trump name by the success of the Trump Plaza, a company spokesman said.
“We hope that the second tower, the Trump Bay Street, will do just as well, if not better, providing great housing with a variety of amenities for the high-scale marketplace,” the spokesman said.
The Trump name has global recognition, but the Kushner family also is well-known in the New York region and has extensive holdings. Kushner Cos. was founded by Jared Kushner’s father, Charles Kushner.
Today, the family business has become a major player in New York real estate and publishing under the leadership of 33-year-old Jared Kushner. He purchased the New York Observer newspaper in 2005; in 2007, his family purchased 666 Fifth Ave. for $1.8 billion, at the time the highest price ever paid for a U.S. office building.